Remedial amendment to the time bar for amendment of income tax assessment

Clause 114

Issue: Remedial amendment to the time bar for amendment of income tax assessment

Submission

(Corporate Taxpayers Group)

The Corporate Taxpayer Group supports the proposal to clarify that the time bar applies to the Commissioner reducing the amount of a net loss on the basis that this restores the original policy intent.

Comment

Officials note the submission in support of the amendment to the time bar.

Recommendation

That the submission be noted.